Case study | 3 mins read
A leading UK-based savings and investment group with nearly £350B in assets across asset management, insurance, pensions, and wealth solutions partnered with eClerx to implement a remediation/transformation program to enhance their FCC policy, process/controls, and technology suite. Leveraging deep expertise across our FCC Centers of Excellence and proprietary solutions, we eliminated backlogs with 99% quality and reduced BAU volumes by 20%+, while streamlining workflows for enhanced efficiency.
Established over 85 years ago, the client has a long-standing heritage in delivering investment solutions across public and private markets. The organization manages assets on behalf of institutional and individual investors worldwide, navigating complex markets with a long-term perspective.
The challenge
In such a complex landscape, the client is committed to conducting its own regular compliance checks. An internal audit revealed that existing operational processes, procedures, and controls required overhauling to be better prepared for regulatory adherence. Some of their most crucial areas were:
- Misclassified historic cases: Thousands of historical cases needed re-examination, requiring substantial operational and staffing resources.
- Ineffective procedures and control: Outdated procedures resulted in inconsistent decision-making, unclear investigator guidance, and greater exposure to risk and regulatory default.
- Technology constraints: Limited automation, poor case management tools, and fragmented data flows heightened the risk of compliance gaps and controls.
To implement the group-wide remediation/transformation program, the client required a partner with specialized global FCC expertise, technology, and surge capacity to deliver high-quality outcomes against tight timelines.
They partnered with eClerx for an enhancement program targeting gaps and inefficiencies that were rapidly increasing compliance risk, creating significant backlogs, and jeopardizing the firm’s ability to meet regulatory expectations.
Our strategy
After analyzing our client’s program needs, we committed to three strategic objectives across their businesses:
- Remediate ~60K anticipated historic cases
- Provide ongoing support to manage spikes in BAU post remediation
- Deploy the policy, process/controls, and technology changes in production for ongoing case management
Our delivery strategy combined knowledge of the client’s process and systems with our FCC Center of Excellence best practices, governance, and a QA framework to set the foundation.
Ahead of the program, we proactively onboarded 42 team members in approximately 2–3 weeks and further scaled to 120+ members within 6 weeks to complete higher-than-anticipated volumes (450%+) and changes. Deploying these resources across Manila, Spain, and India, we reinvestigated all historic cases based on revised policies, workflows, and controls that were implemented on a forward fix basis. Our flexible operating model ensured the client received scalability without long-term cost commitment.
By leveraging eClerx Compliance Manager, our proprietary CLM platform, and other tailored assets/toolkits for tracking metrics, management information, reporting, and workforce management, we ensured the client had complete visibility of progress, quality, and cost throughout the program and for BAU activities.
The results
Our solution, encompassing ops, tech, and FCC expertise, successfully closed risk gaps to meet the client’s audit findings and response to the FCA.
- Remediated 100% of cases on time with 99%+ quality 2 weeks ahead of schedule despite a 450% volume surge
- Reduced BAU volume by 20%+ through threshold optimization
- Reduced average handling time by 15%+ using eClerx Compliance Manager powered by EDOS, our proprietary tool for automated data sourcing
The program has now transitioned to phase 2, where we will leverage learnings and targeted objectives to improve client data through remediation and cleansing, implement further workflow enhancements and automation, and evaluate the effectiveness of processes and controls.
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